Greece returns to debt markets for first time in three years

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Series Details 24.07.17
Publication Date 24/07/2017
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Background and further information:

This was the first sale of government debt since 2014, when Greece made a brief return to the markets under the centre-right government led by Antonis Samaras.

This was seen essentially as a psychological exercise, given that the country did not need to draw money from the bond markets. The European Stability Mechanism (ESM) was scheduled to keep providing the country with low interest rate loans until the end of the third bailout programme, in July 2018. It was thus an opportunity for Greece to test its credibility on the markets without major risks.

The decision to come back to the markets was taken just after Greece secured the approval from the Eurogroup of a €8.5bn disbursement of the bailout, in time to meet major debt repayments.

Greece announced its return to international debt markets on 24 July 2014, after three years of financial isolation. The country's Debt Management Agency announced plans to sell bonds to be repaid in five years.

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EUObserver, 24.07.17: Greece looking at bond market return
The Guardian, 24.07.17: Greece plans return to bond market as Athens sees end in sight to austerity
Kathimerini, 24.07.17: D-day for Greece's bond market return
Deutsche Welle, 25.07.17: Greece attempts to return to bond markets
Deutsche Welle, 24.07.17: A 'psychological milestone' for Greece
BBC News, 24.07.17: Greece makes first return to debt market in three years
Bloomberg, 24.07.17: Greece to Return to Bond Market After Three-Year Hiatus
Reuters, 24.07.17: Greece announces new 5-year bond issue after 3-year market exile
Kathimerini, 20.07.17: Any market foray should be first step to full return, gov't says
EurActiv, 25.07.17: Greece prepares for end of bailout era with comeback bond

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